Just as importantly, IDA has set up a Private Sector Window (PSW) to work closely with IFC and MIGA, the World Bank Group’s private sector arms. This will catalyze an estimated $6-8 billion in private sector investments in the poorest countries, especially fragile and conflict-affected states. The approach helps mitigate uncertainties and risks for investors, enabling a commercial solution that complements other Bank Group tools and approaches. Our Board has already approved 13 PSW investments for projects that leverage $185 million of PSW resources and $609 million from IFC and MIGA to facilitate a further $800 from other financiers.

IDA’s core strength is partnerships and how we work with other bilateral and multilateral agencies and national institutions, the private sector, and CSOs. We collaborate with other facilities to ensure quick response to emerging crises. In May, for example, IDA joined with the Pandemic Emergency Financing Facility (PEF) to combat an Ebola outbreak in the Democratic Republic of Congo. IDA provided US$15 million for financing free care, availability of drugs, hazard pay and logistics, and the PEF provided its first-ever financial commitment of $12 million. Also in May, the sub-window for refugees committed $130 million in additional financing to projects in Cameroon’s social sectors, helping the country provide essential support to about 350,000 refugees. To help refugees and host communities, we are also partnering with the UN High Commissioner for Refugees, UNICEF, the Red Cross, and other humanitarian agencies.

IDA18 also steps up support for projects to address climate change, and is on track to double commitments for renewable energy generation in client countries.

What will not change, however, is IDA’s unique value proposition. We have the mandate, cross-sector knowledge, and resources to be the partner of choice in addressing global challenges in ways that serve the world’s poorest countries. Our success hinges on ensuring that we provide strong support for policy reforms and have ability to innovate and work effectively both with donors and borrowers.

With strong support from our partners, we can maximize the use of IDA resources to help our client countries achieve long-term growth and build the capacity to ensure that their results remain sustainable and inclusive in the years to come.